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Dave Morgan is an expert in precious metals who says he is, “a big-picture macroeconomist whose main job is education,” on his website, The Morgan Report.
In a wide-ranging interview, he noted that silver broke through a resistance he’d been predicting, meaning it may be at the beginning of a bull run.
In a radio appearance in early July, he predicted a bull run for silver after gold hit through a six-year resistance point.
In June, gold broke through $1,350 per ounce; Morgan said gold hadn’t reached that number in six years.
On that broadcast, he predicted that silver would follow.
“We had the $1,350 level, we had to break through that, and once that was accomplished silver would follow,” Morgan said on the broadcast.
In a follow up interview with The Industry Spread, he said silver did subsequently break through its own resistance level on July 15.
He said he sees the beginning of a technical bull in silver, as a result.
No Fan of the Facebook Libra
“I dislike Facebook,” he said bluntly.
Morgan said that he didn’t believe Facebook brought society much value.
Beyond that, he felt the Libra would lead to not only data collection but a large percentage of the population being dependent on Facebook for their everyday lives.
As a result, people won’t be able to question rules they don’t like.
“They (Facebook) have such a reach.” He said.
It’s noteworthy that Facebook has downplayed its role in the crypto-currency and assured that data would be protected.
When asked, he totally dismissed their assurances.
“I don’t trust those bastards,” he said.
He said he did not believe this would be a traditional blockchain which maintains privacy and anonymity.
Facebook has been caught up in a series of burgeoning scandals which suggest that user data is used all sorts of ways, both in legal and illegal ways.
On July 24, 2019, the Federal Trade Commission announced a $5 billion fine against Facebook for privacy violations.
“Facebook, Inc. will pay a record-breaking $5 billion penalty, and submit to new restrictions and a modified corporate structure that will hold the company accountable for the decisions it makes about its users’ privacy, to settle Federal Trade Commission charges that the company violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information.
“The $5 billion penalty against Facebook is the largest ever imposed on any company for violating consumers’ privacy and almost 20 times greater than the largest privacy or data security penalty ever imposed worldwide. It is one of the largest penalties ever assessed by the U.S. government for any violation.”
Bearish on the Dollar
Morgan said he is also bearish on the dollar, at least in the long term.
“All fiat currencies have failed, 100% of the time,” he said
Fiat currencies are those not tied to gold but rather, “legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money, as are the euro and many other major world currencies,” the website The Motley Fool states.
While the US economy has flourished under President Trump the current debt is over $22 trillion and both the last presidents have run at least one year where the debt eclipsed $1 trillion in that year.
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